Market Overview:
Vietnam Smart Cities Market Size Was Valued at USD 420 Million in 2022, and is Projected to Reach USD 1,085.32 Million by 2030, Growing at a CAGR of 12.60% From 2023-2030.
Smart Cities refer to urban areas that utilize technology and data to enhance efficiency, sustainability, and the overall quality of life for residents. These cities leverage information and communication technologies (ICT) to manage resources effectively and improve services. Smart Cities incorporate various applications such as smart transportation, energy management, healthcare, waste management, and public safety. IoT devices and sensors are employed to gather real-time data, enabling informed decision-making. The benefits of Smart Cities include improved infrastructure, enhanced public services, reduced environmental impact, and increased economic opportunities. Efficient resource management, data-driven insights, and connectivity contribute to a more sustainable and livable urban environment.
Vietnam has embraced the Smart Cities concept, with projects focusing on major cities like Hanoi and Ho Chi Minh City. Initiatives include smart transportation systems, digital governance, and environmental monitoring. The market is driven by government initiatives, urbanization, and the need for sustainable development. Vietnam's Smart Cities market is expected to grow, offering opportunities for technology providers and contributing to the nation's overall progress.
Top Key Players Covered in The Vietnam Smart Cities Market:
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- Viettel Group (Vietnam)
- VNPT (Vietnam)
- FPT Corporation (Vietnam)
- Siemens (Germany)
- Hitachi Asia Co. Ltd. (Japan)
- Schneider Electric (France)
- IBM (USA)
- Cisco Systems (USA)
- Microsoft (USA)
- Intel (USA)
- Huawei Technologies (China)
- Ericsson (Sweden)
- Nokia (Finland)
- LG CNS (South Korea)
- ABB (Switzerland)
- Panasonic (Japan)
- Mitsubishi Electric (Japan)
- Honeywell (USA)
- Thales Group (France)
- NEC (Japan), and Other Major Players
Market Dynamics and Factors:
Technological advancements, particularly in IoT and AI, are pivotal in shaping Vietnam's smart cities. IoT facilitates seamless communication among devices in various sectors like transportation, energy, waste management, and public safety. Real-time data collected by IoT sensors aids in optimizing city performance and resource allocation. Artificial intelligence and machine learning analyze this vast data, empowering smart cities to predict traffic patterns, optimize energy consumption, and proactively address urban challenges like water leaks.
Furthermore, big data analytics and cloud technology are essential for processing and extracting meaningful insights from the substantial data generated by IoT devices. This enables informed decision-making by city officials, fostering improved services and resource optimization. Intelligent traffic systems, energy-efficient solutions, smart waste management, and the integration of sensors for water and electricity consumption contribute to creating efficient, sustainable, and citizen-centric urban environments in Vietnam's smart city initiatives.
The Vietnam Smart Cities Market Report Highlight:
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- By Solution and Service, the smart utilities segment is anticipated to experience the most noteworthy Compound Annual Growth Rate (CAGR) throughout the forecast period. This heightened growth is foreseen due to the swift progress in electricity generation capacity and grid systems, coupled with a growing imperative to enhance asset performance, streamline operational efficiencies, and obtain valuable insights into utility usage patterns.
- By Component, the predominant share in the Vietnam smart cities market is projected to be held by the hardware segment. This significant market dominance can be attributed to the rising uptake of IoT sensors and various hardware solutions in diverse applications throughout city processes and operations. Furthermore, the advancements in hardware products, such as intelligent cameras utilized for public safety and surveillance applications, contribute to the substantial market presence of this segment.
Key Industry Development:
In Feb 2023, Viettel and Qualcomm Technologies, Inc. announced a key milestone in their joint effort to deliver state-of-the-art 5G infrastructure globally. Building on their previous announcement from May 2022, the companies completed the first versions of Viettel's 5G Distributed Unit (DU) and Radio Unit (RU) based on the Qualcomm® X100 5G RAN Accelerator Card and Qualcomm® QRU100 5G RAN Platform, respectively.
In May 2023, Nokia announced the first deployment of 10G fiber broadband in Vietnam with operator Vietnam Posts and Telecommunications (VNPT). The initial rollout will connect 10,000 homes and businesses in the 8 largest provinces of the country. Nokia is providing fiber access nodes for the operator’s exchanges and fiber modems for end users’ premises.
The Vietnam Smart Cities Market Segmentation:
By Solution and Service
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- Smart Mobility Management
- Smart Public Safety
- Smart Healthcare
- Smart Building
- Smart Utilities
- Others
By Component
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- Hardware
- Software
- Service
By Level
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- Emerging Smart Cities
- Developing Smart Cities
- Mature Smart Cities
By End-user
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- Government & Municipalities
- Transportation & Logistics
- Energy & Utilities
- Healthcare
- Education
- Others
For this report, Introspective Market Research has segmented the Vietnam Smart Cities Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
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- The U.S.
- Canada
- Mexico
Eastern Europe
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- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
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- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
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- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
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- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
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- Brazil
- Argentina
- Rest of SA
